Press release
Predictive Maintenance Market Size, Report 2022 To 2028| Google, IBM, Oracle
The predictive Maintenance Market size is projected to reach USD 20.32 Billion by 2028 from an estimated USD 4.69 Billion in 2021, growing at a CAGR of 23.3% globally.
Predictive maintenance is a technique that uses condition-monitoring tools and techniques during operation to monitor the performance of a structure or a piece of equipment. Predictive maintenance allows the maintenance frequency to be much lower, while still preventing unplanned reactive maintenance and minimizes the equipment downtime and costs associated with preventative maintenance. The worldwide need for maintenance procedures is growing as a result of rapid urbanization and digitalization. The breakdown of a machine can be prevented by foreseeing the time when maintenance is necessary. Reducing the cost of industrial equipment maintenance is becoming more and more popular in both developed and developing countries, and this trend is anticipated to fuel market expansion over the coming years. Predictive maintenance is very essential for industries to improve productivity. Predictive maintenance is performed on machinery and plant equipment, which includes vehicles that are used for multiple purposes, as well as ensuring road safety.
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Market Dynamics:
Driver:
Increased investment in preventative maintenance programs to cut costs and downtime is what's driving the global market's expansion. Investments made in preventative maintenance programs yield a noticeable return on investment. Across various industrial verticals such as energy and utilization, healthcare, transportation, and others the demand for predictive maintenance is rising.
Opportunities:
Nearly every perpendicular has a declining demand for advanced asset operation. As IoT generates a large quantum of data from linked bias, result providers equipped with AI and ML can gather and transform the massive quantum of client-related data into useful perceptivity. Many developed countries are adopted predictive maintenance solutions to evaluate their assets. The use of artificial intelligence, and big data or providing many opportunities for market growth.
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The Report Will Include A Major Chapter
• Patent Analysis
• Regulatory Framework
• Technology Roadmap
• BCG Matrix
• Heat Map Analysis
• Price Trend Analysis
• Investment Analysis
• Company Profiling and Competitive Positioning
• Industry Value Chain Analysis
• Market Dynamics and Factors
• Porter's Five Forces Analysis
• Pestle Analysis
• SWOT Analysis
Segmentation Analysis of Predictive Maintenance Market:
Based on the Components, the solution component accounted for the largest market share during the forecast period. Owing to the rising concern of organizations towards cutting down the cost and advancement in the uptime of equipment.
Based on Deployment Type, the on-premise segment is expected to dominate the overall predictive maintenance market and is anticipated to maintain its dominance over the forecast period. This is imputed to its modular sensors and easier deployments in pre-existing equipment.
Based on the Organization Size, the large enterprise segment dominates the market over the forecast period. These enterprises are developing and automating their operational maintenance process by using these solutions.
Based on the Industry Vertical, the manufacturing segment is expected to dominate the global market during the forecast period. The increasing requirement for maintenance of producing equipment such as machinery, industrial robots, elevators, and pumps for decreasing the overall downtime is turning the adoption of predictive maintenance solutions and services in the manufacturing segment.
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By Component
• Solutions
• Services
By Deployment
• Cloud
• On-Premise
By Vertical
• Government & Defense
• Energy & Utilities
• Manufacturing
• Healthcare
• Transportation & Logistics
• Other Vertical
Regional Analysis of Predictive Maintenance Market:
North America is expected to hold a maximum market share over the forecast period. The region is the market commander in the advancement and acquisition of advanced predictive maintenance solutions. This can be assigned to the presence of a large number of leading solutions and service providers. Furthermore, higher investments made in developing technologies such as IoT, artificial intelligence, and machine learning are expected to support the region to maintain its dominant position shortly. Moreover, higher awareness related to predictive maintenance measures and their importance is also producing significant demand for these solutions.
• North America (U.S., Canada, Mexico)
• Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
• Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
• Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)
• South America (Brazil, Argentina, Rest of SA)
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Players Covered in Predictive Maintenance Market are:
• Google (US)
• IBM (US)
• Oracle(US)
• Microsoft (US)
• Sigma Industrial Precision (Spain)
• C3 IoT (US)
• Hitachi (Japan)
• RapidMiner (US)
• PTC (US)
• GE (US)
• Schneider Electric (France)
• SAS (US)
• TIBCO (US)
• Softweb Solutions (US)
• A system (France)
• Ecolibrium Energy (India)
• Fiix Software (Canada)
• OPEX Group (UK)
Key Industry Developments of Predictive Maintenance Market
• In September 2021, Scotiabank and Google Cloud declared that a strategic collaboration to deepen the Bank's cloud-first commitment and stimulates its global data and analytics strategy. As Scotiabank is one of the trusted cloud partners for data and analytics, Google Cloud would help produce a more personal and predictive banking experience for Scotiabank customers in the Americas and over the world.
• In June 2020, US-based company PTC improved the ThingWorx Industrial IoT platform to stimulate Industrial IoT deployments over the enterprise value chain. ThingWorx 9.0 would provide the latest and expanded features to support the industrial companies customize, create, implement, and scale their solutions.
Report includes Competitor's Landscape:
• Major trends and growth projections by region and country
• Key winning strategies followed by the competitors
• Who are the key competitors in this industry?
• What shall be the potential of this industry over the forecast tenure?
• What are the factors propelling the demand for the Action Figures And Statues?
• What are the opportunities that shall aid in significant proliferation of the market growth?
• What are the regional and country wise regulations that shall either hamper or boost the demand for Action Figures And Statues?
• How has the covid-19 impacted the growth of the market?
• Has the supply chain disruption caused changes in the entire value chain?
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Read More Related Reports:
https://introspectivemarketresearch.com/reports/predictive-analytics-software-market/
https://introspectivemarketresearch.com/reports/predictive-analytics-market/
https://introspectivemarketresearch.com/reports/manufacturing-predictive-analytics-market/
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Introspective Market Research (introspectivemarketresearch.com) is a visionary research consulting firm dedicated to assist our clients grow and have a successful impact on the market. Our team at IMR is ready to assist our clients flourish their business by offering strategies to gain success and monopoly in their respective fields. We are a global market research company, specialized in using big data and advanced analytics to show the bigger picture of the market trends. We help our clients to think differently and build better tomorrow for all of us. We are a technology-driven research company, we analyze extremely large sets of data to discover deeper insights and provide conclusive consulting. We not only provide intelligence solutions, but we help our clients in how they can achieve their goals.
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